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Morgan Stanley slashes price target for GM

General Motors Co., which has been struggling with the impact of its massive ignition switch recall, took another hit Wednesday when a Morgan Stanley analyst slashed the price target on its stock.

Analyst Adam Jonas lowered his earnings estimates to well-below market consensus and dropped his price target on GM's stock to $33 from $49. He gave the U.S. automaker's stock an "Underweight" rating.

The analyst says GM stock is cheap for a reason and the auto industry is entering a period of significant technology disruption caused by electric and self-driving vehicles, and that will hurt a number of players.

A representative for General Motors could not be reached immediately for comment.